<p>Stereo is an important cue for visually guided robots. While moving around in the world, such a robot can use dynamic fixation to overcome limitations in image resolution and field of view. In this paper, a binocular stereo system capable of dynamic fixation is presented. The external calibration is performed continuously taking temporal consistency into consideration, greatly simplifying the process. The essential matrix, which is estimated in real-time, is used to describe the epipolar geometry. It will be shown, how outliers can be identified and excluded from the calculations. An iterative approach based on a differential model of the optical flow, commonly used in structure from motion, is also presented and tested towards the essential matrix. The iterative method will be shown to be superior in terms of both computational speed and robustness, when the vergence angles are less than about <tmath>15^{\circ}</tmath>. For larger angles, the differential model is insufficient and the essential matrix is preferably used instead.</p>